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EU Official: Greece Needs Bailout Extension

Greece will have to ask for an extension on its bailout program before parliaments in euro zone nations close for Christmas because a new credit line will not be ready in time, a senior euro zone official said on Wednesday. After two bailouts totaling 240 billion euros ($300 billion) since 2010, Greece wants to switch back to market financing from the start of next year but disagreement over Greece's funding needs next year means the euro zone cannot sign off on a back-up credit...

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